Indian Energy in Exclusive Talks With Potential Buyer, CEO Strachwitz Says

Indian Energy Ltd. (IEL), an operator of wind farms in the south Asian nation, is in exclusive talks with a potential buyer and expects a formal offer within weeks.

“We expect to have an offer from them within a reasonable amount of time,” Chief Executive Officer Rupert J. Strachwitz said in a telephone interview today. “We’re talking weeks, not months.”

Strachwitz declined to name the potential buyer or say how much Indian Energy expects to receive. The company is seeking a strategic investor to help grow the business, he said. A buyer may offer to acquire 100 percent of the company, he said.

If it cannot find a buyer, the company may sell its wind farms to raise money, he said.

“We have sufficient capital to go on for some time but we don’t believe being in limbo is creating any value for our shareholders,” he said. “We want to see a deal concluded in a relatively short period of time,” whether that’s finding an investor or selling some assets, Strachwitz said.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.